(RTTNews) - The price of gold was little changed Tuesday morning even as the U.S. dollar continued to trade lower versus a basket of currencies.
Gold for December delivery, the most actively traded contract, eased $1.40 to $1,781.90 an ounce. Yesterday, gold moved up to settle at a fresh 7-month high on some positive manufacturing data from the U.S. and as the dollar weakened against most major currencies.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved up to 1,322.59 tons from 1,320.78 tons.
Meanwhile, the U.S. dollar was slipping back near a weekly low versus the euro and continued to level off from its 2-week high against sterling. The buck continued to pare recent losses versus the Swiss franc, while advancing toward a 2-week high against the yen.
In economic news, euro zone producer price inflation accelerated more than expected in August, data released by Eurostat showed. The producer price index advanced 2.7 percent year-on-year in August, faster than the 1.6 percent increase in July. Economists expected the rate of inflation to rise to 2.6 percent. On a monthly basis, the PPI rose 0.9 percent compared to 0.3 percent increase recorded in July. This was forecast to rise 0.6 percent.
Meanwhile, the results of a survey by Markit Economics showed that that construction sector activity continued to contract in September. The construction sector purchasing managers' index came in at 49.5 compared to 49.9 expected by economists.
The prices of silver and platinum were trading lower in morning deals.
